Bike repair voucher

The UK government launched the bike repair voucher scheme called “Fix your bike voucher scheme” as part of their effort to encourage people to cycle rather than use private cars for short journeys. Cycling not only keeps you fit but also reduce air pollution compared to driving a car.

If you have an unused bike that requires repair you can get the bike repair voucher to pay for your bike repair. The voucher is worth £50. You can use the voucher to pay for your bike repair costs. The Fix your bike voucher scheme is for anyone living in England.

Types of bike repairs

The voucher covers the following repairs costs:

Inspection, adjustment, lubrication, tyre inflation.
Or adjustment, repair, replacement of:

  • tyres, tubes, wheels and related components;
  • braking system components;
  • transmission system components;
  • any other essential components which prevent safe use of the bike e.g. deteriorated grips or saddle, failed bottom bracket, failed headset bearings;
  • components for permanently fitted dynamo-powered lighting systems.

However, you are not allowed to use the voucher for the following:

  • replacement or upgrade of existing safe and roadworthy components;
  • replacement or repair of removable or battery-powered lighting systems;
  • provision of any additional parts or accessories, whether attached to the bike or for the rider’s use;
  • replacement of any part or component, even if the replacement is necessary and otherwise eligible, by a component of disproportionate value where a component of quality and value more closely matching the original is reasonably available. In other words, it is not permitted for new parts to represent very significant upgrading not essential for roadworthiness.

When registering to get the Fix your bike voucher, you must provide your details about your bike. This includes the type of bike you have. for example, a commuter bike or town bike or racing bike or folding bike or electric bike or adaptive bike etc.

You must also specify the brand of your bike. For example, it is a Cannondale or Specialized etc and the main colour of your bike.

Registered bike repairs shop or mechanics

Only use the bike repair voucher with the bike repairs shops or bike mechanics registered with the Fix your bike voucher scheme. You can find the registered bike repairs shops and mechanics here.

Note down your bike repair voucher code, you will need this when you take your bike to the shop for repairs.

Also, bring documents for proof of your identity and your address. For example, your passport or driving licence for proof of identity. Utility bills such as water or electricity or council tax bill for proof of address.

Companies House filings

If you run your business using a limited company, remember to deliver your company accounts and confirmation statement to Companies House on time to avoid a late filing penalty.

If you require any help with your company filings, feel free to contact our accountants, they will be more than happy to assist you.

Budget 2021

The UK government announced at the Budget 2021 the following subject matters and will legislate them in Finance Bill 2021.

Corporation tax

The corporation tax rate remains at 19% from 1 April 2022 and the rate will increase to 25% from 1 April 2023.

Coronavirus Job Support Scheme

The Coronavirus Job support Scheme is extended to 30 September 2021 across the UK.

Self Employment Income Support Scheme

The self-employment income support scheme is extended to 30 September 2021. People who have filed their self-assessment return in 2019/2020 may be able to claim for the first time.

One-off cash grants of £18,000

A new restart grants for hospitality, accommodation, leisure, personal care and gym businesses in England. If your business falls into these sectors you may entitle to the one-off cash grants of £18,000.

VAT cut for some businesses

VAT to 5% for hospitality, accommodation and attractions is extended to 30 September 2021 thereafter the rate will increase to 12.5% till 31 March 2022.

Statutory Sick Pay (SSP)

If your business have paid staff for self isolating or sick during this pandemic, you can claim the statutory sick pay up to two weeks from the UK government.

Property tax – stamp duty

The stamp duty land tax temporary relief is extended to 30 June 2021. First-time buyers continue to enjoy the tax-free amount of up to £500,000 on a property purchase cost.

The Budget 2021 have been very helpful to help UK businesses to bounce back from this pandemic.

Buy a company van

There are ways to finance your purchase when you want to buy a company van for your business use but do not want to buy it outright. You can buy your company van through hire purchase or finance lease. Usually, these types of finance are offered by finance houses like the banks.

Financing options

Hire PurchaseFinance Lease
You would require to pay a deposit or down payment for your van. say 10% to the van dealer.No deposit required.
The balance of the 90% cost will be financed through hire purchase.The purchase cost is leased.
You would pay monthly instalments (plus interest on the HP amount) to the bank.You pay monthly lease payments to the bank.
The bank owns the company van during the hire purchase period.The bank owns the van but you have the right to use the van throughout the leasing period.
You own the van at the end of the HP period.You have an option to buy the van at the end of the lease period.

Assess your business’s ability to pay for your company van’s monthly payments

Before the bank could offer you hire purchase or lease financing, they would assess your business’s ability to repay. For this purpose, they will usually look at your gearing ratio and interest cover ratio.

What is the gearing ratio?

Gearing is the proportion of your business’s debts in relation to your capital in your business. Generally, the bank would be delighted to see a gearing of no more than 50%. The bank would assess your company accounts in order to calculate your gearing ratio. Your balance sheet page would reveal these figures.

Gearing ratio = Long term + short term debts + bank overdraft divide by shareholder’s equity x 100%

Gearing ratio formula

Let look at the Successful Business Limited year 2021 Balance Sheet, the long term loan is £10,000 and short term loan included in the creditor’s figure, say is £50,000 and the shareholders’ equity is £6,403,702. The Gearing ratio is £60,000/£6,403,702 x 100% = 0.93%. The company would have no problem getting a Hire purchase or leasing finance.

What is the interest cover ratio?

Interest cover ratio is used to assess your business’s ability to pay your interest obligations on your debts. Generally, the higher the number the stronger your company to be. For this, the bank would be delighted to see an interest cover ratio of 2:1 and above.

Correspondingly, your bank would assess your profit and loss account to calculate your interest cover.

Interest cover = Profit before tax and interest divide by interest expense

Interest cover formula

Let take the Successful Business Limited profit and loss account’s figures as an example.

The profit before tax and interest is £3,789,222 and interest expense is £19,320. Therefore, the interest cover ratio is £3,789,222/£19,320 = 196:1.

Your company status with Companies House

The bank would also check your company’s status with Companies House. Generally, if you file your confirmation statement and company accounts promptly, your company will remain in good standing and have an “active” status.

However, if Companies House has changed your company status to “proposal to strike off”, this would be due to your confirmation statement or your company accounts are overdue. File the overdue documents as soon as possible.

If your company has been dissolved for the non-filings then you would have to restore your company before you can apply for Hire purchase or leasing finance.

World currency

A currency is a legal tender used to pay and buy goods and services. It replaces the barter system widely used in the olden days. Each country has its own national currency. Here is the list of world currency in circulation.

Each currency carries different value. For example, if you hold GBP £50,000 today (03 August 2020), your £50,000 is equivalent to USD 65,056.46. The same GBP £50,000 is worth the EURO €55,571.50.

You can check your currency value here.

Europe

No.CountryCurrencyISO codeSymbolFractional units
1Akrotiri and DhekeliaEuroEuroCent
2AlbaniaAlbanian lekALLLQindarkë
3aAlderneyAlderney pound£Penny
3bAlderneyBritish poundGBP£Penny
3cAlderneyGuernsey poundGGP£Penny
4AndorraEuroEURCent
5AustriaEuroEuroCent
6AzerbaijanAzerbaijani manatAZNQəpik
7BelarusBelarusian rubleBYNBrKapyeyka
8BelgiumEUREURCent
9Bosnia and HerzegovinaBosnia and Herzegovina convertible markBAMKM or КМ[I]Fening
10BulgariaBulgarian levBGNлв.Stotinka
11CroatiaCroatian kunaHRKknLipa
12CyprusEuroEuroCent
13Czech RepublicCzech korunaCZKHaléř
14DenmarkDanish kroneDKKkrØre
15EstoniaEuroEuroCent
16aFaroe IslandsDanish kroneDKKkrØre
16bFaroe IslandsFaroese krónaFOKkrOyra
17FinlandEuroEuroCent
18FranceEuroEuroCent
19GeorgiaGeorgian lariGELTetri
20GermanyEuroEuroCent
21GibraltarGibraltar poundGIP£Penny
22GreeceEuroEuroCent
23aGuernseyGuernsey poundGGP£Penny
23bGuernseyBritish poundGBP£Penny
24HungaryHungarian forintHUFFtFillér
25IcelandIcelandic krónaISKkrEyrir
26IrelandEuroEuroCent
27aIsle of ManManx poundIMP£Penny
27bIsle of ManBritish poundGBP£Penny
28ItalyEuroEuroCent
29aJerseyJersey poundJEP£Penny
29bJerseyBritish poundGBP£Penny
30KosovoEuroEuroCent
31LatviaEuroEuroCent
32LiechtensteinSwiss francCHFFr.Rappen
33LithuaniaEuroEuroCent
34LuxembourgEuroEuroCent
35MaltaEuroEuroCent
36MoldovaMoldovan leuMDLLBan
37MonacoEuroEuroCent
38MontenegroEuroEuroCent
39NetherlandsEuroEuroCent
40North MacedoniaMacedonian denarMKDденDeni
41Northern CyprusTurkish liraTRYKuruş
42NorwayNorwegian kroneNOKkrØre
43PolandPolish złotyPLNGrosz
44PortugalEuroEuroCent
45RomaniaRomanian leuRONleiBan
46RussiaRussian rubleRUBKopek
47San MarinoEuroEuroCent
48SerbiaSerbian dinarRSDдин. or din.Para
49SlovakiaEuroEuroCent
50SloveniaEuroEuroCent
51SpainEuroEuroCent
52SwedenSwedish kronaSEKkrÖre
53SwitzerlandSwiss francCHFFrCentime
54TransnistriaTransnistrian rublePRBр.Kopek
55UkraineUkrainian hryvniaUAHKopiyka
56United KingdomBritish poundGBP£Penny
57Vatican CityEuroEuroCent

Many countries in Europe joined the Single Market, also called the EUROZONE and use the Euro as their own national currency. They are also members of the European Union.

Asia

NoCountryCurrencyISO codeSymbolFractional units
1aAbkhaziaRussian rubleRUBKopek
1bAbkhaziaAbkhazian apsar
2AfghanistanAfghan afghaniAFN؋Pul
3ArmeniaArmenian dramAMD֏Luma
4aArtsakhArtsakh dramդր.Luma
4bArtsakhArmenian dramAMD֏Luma
5BahrainBahraini dinarBHD.د.بFils
6BangladeshBangladeshi takaBDTPoisha
7aBhutanBhutanese ngultrumBTNNu.Chetrum
7bBhutanIndian rupeeINRPaisa
8British Indian Ocean TerritoryUnited States dollarUSD$Cent
9aBruneiBrunei dollarBND$Sen
9bBruneiSingapore dollarSGD$Cent
10CambodiaCambodian rielKHRSen
11ChinaChinese yuanCNY¥ or 元 Jiao
12East TimorUnited States dollarUSD$Cent
13Hong KongHong Kong dollarHKD$Cent
14IndiaIndian rupeeINRPaisa
15IndonesiaIndonesian rupiahIDRRpSen
16IranIranian rialIRRDinar
17IraqIraqi dinarIQDع.دFils
18IsraelIsraeli new shekelILSAgora
19JapanJapanese yenJPY¥ or 円Sen
20JordanJordanian dinarJODد.اPiastre
21KazakhstanKazakhstani tengeKZTTıyn
22MacauMacanese patacaMOPPAvo
23North KoreaNorth Korean wonKPWChon
24South KoreaSouth Korean wonKRWJeon
25KuwaitKuwaiti dinarKWDد.كFils
26KyrgyzstanKyrgyzstani somKGSсTyiyn
27LaosLao kipLAKAtt
28LebanonLebanese poundLBPل.لPiastre
29MalaysiaMalaysian ringgitMYRRMSen
30MaldivesMaldivian rufiyaaMVRLaari
31MongoliaMongolian tögrögMNTMöngö
32MyanmarBurmese kyatMMKKsPya
33NepalNepalese rupeeNPRरूPaisa
34OmanOmani rialOMRر.ع.Baisa
35PakistanPakistani rupeePKRPaisa
36PalestineIsraeli new shekelILSAgora
37PalestineJordanian dinarJODد.اPiastre
38PhilippinesPhilippine pesoPHPSentimo
39QatarQatari riyalQARر.قDirham
40Saudi ArabiaSaudi riyalSARر.سHalala
41aSingaporeSingapore dollarSGD$Cent
42bSingaporeBrunei dollarBND$Sen
43South OssetiaRussian rubleRUBKopek
44Sri LankaSri Lankan rupeeLKRRs, රු or ரூCent
45SyriaSyrian poundSYP£ or ل.سPiastre
46TaiwanNew Taiwan dollarTWD$Cent
47TajikistanTajikistani somoniTJSЅМDiram
48ThailandThai bahtTHB฿Satang
49TurkeyTurkish liraTRYKuruş
50TurkmenistanTurkmenistan manatTMTmTennesi
51United Arab EmiratesUnited Arab Emirates dirhamAEDد.إFils
52UzbekistanUzbekistani soʻmUZSso’m or сўмTiyin
53VietnamVietnamese đồngVNDHào
54YemenYemeni rialEURCent

Africa

No.CountryCurrencyISO codeSymbolFractional units
1AlgeriaAlgerian dinarDZDد.جSanteem
2AngolaAngolan kwanzaAOAKzCêntimo
3Ascension IslandSaint Helena poundSHP£Penny
4BeninWest African CFA francXOFFrCentime
5BermudaBermudian dollarBMD$Cent
6BotswanaBotswana pulaBWPPThebe
7Burkina FasoWest African CFA francXOFFrCentime
8BurundiBurundian francBIFFrCentime
9CameroonCentral African CFA francXAFFrCentime
10Cape VerdeCape Verdean escudoCVEEsc or $Centavo
11Cayman IslandsCayman Islands dollarKYD$Cent
12Central African RepublicCentral African CFA francXAFFrCentime
13Côte d’IvoireWest African CFA francXOFFrCentime
14DjiboutiDjiboutian francDJFFrCentime
15EgyptEgyptian poundEGP£ or ج.مPiastre[B]
16Equatorial GuineaCentral African CFA francXAFFrCentime
17EritreaEritrean nakfaERNNfkCent
18aEswatiniSwazi lilangeniSZLLCent
18bEswatiniSouth African randZARRCent
19EthiopiaEthiopian birrETBBrSantim
20GabonCentral African CFA francXAFFrCentime
21The GambiaGambian dalasiGMDDButut
22GhanaGhanaian cediGHSPesewa
23KenyaKenyan shillingKESShCent
24LesothoLesotho lotiLSLLSente
25LesothoSouth African randZARRCent
26LiberiaLiberian dollarLRD$Cent
27LibyaLibyan dinarLYDل.دDirham
28MadagascarMalagasy ariaryMGAArIraimbilanja
29MalawiMalawian kwachaMWKMKTambala
30MaliWest African CFA francXOFFrCentime
31MauritaniaMauritanian ouguiyaMRUUMKhoums
32MauritiusMauritian rupeeMURCent
33MoroccoMoroccan dirhamMADد.م.Centime
34MozambiqueMozambican meticalMZNMTCentavo
35NamibiaNamibian dollarNAD$Cent
36NigerWest African CFA francXOFFrCentime
37NigeriaNigerian nairaNGNKobo
38RwandaRwandan francRWFFrCentime
39aSahrawi RepublicAlgerian dinarDZDد.جSanteem
39aSahrawi RepublicMauritanian ouguiyaMRUUMKhoums
39bSahrawi RepublicMoroccan dirhamMADد. م.Centime
39cSahrawi RepublicSahrawi peseta₧ or PtasCentime
40Saint HelenaSaint Helena poundSHP£Penny
41São Tomé and PríncipeSão Tomé and Príncipe dobraSTNDbCêntimo
42SenegalWest African CFA francXOFFrCentime
43SeychellesSeychellois rupeeSCRCent
44Sierra LeoneSierra Leonean leoneSLLLeCent
45SomaliaSomali shillingSOSShCent
46SomalilandSomaliland shillingSLSSlCent
47South AfricaSouth African randZARRCent
48South SudanSouth Sudanese poundSSP£Piaster
49SudanSudanese poundSDGج.س.Piastre
50TanzaniaTanzanian shillingTZSShCent
51TogoWest African CFA francXOFFrCentime
52TunisiaTunisian dinarTNDد.تMillime
53UgandaUgandan shillingUGXShCent
54ZambiaZambian kwachaZMWZKNgwee
55ZimbabweRTGS dollar[6]ZWL

North and Central America

NoCountryCurrencyISO code SymbolFractional unit
1AnguillaEastern Caribbean dollarXCD$Cent
2Antigua and BarbudaEastern Caribbean dollarXCD$Cent
3BahamasBahamian dollarBSD$Cent
4BarbadosBarbadian dollarBBD$Cent
5BelizeBelize dollarBZD$Cent
6British Virgin IslandsUnited States dollarUSD$Cent
7CanadaCanadian dollarCAD$Cent
8Costa RicaCosta Rican colónCRCCéntimo
9aCubaCuban pesoCUP$Centavo
9bCubaCuban convertible pesoCUC$Centavo
10DominicaEastern Caribbean dollarXCD$Cent
11Dominican RepublicDominican pesoDOP$Centavo
12El SalvadorUnited States dollarUSD$Cent
13GrenadaEastern Caribbean dollarXCD$Cent
14GuatemalaGuatemalan quetzalGTQQCentavo
15HaitiHaitian gourdeHTGGCentime
16HondurasHonduran lempiraHNLLCentavo
17JamaicaJamaican dollarJMD$Cent
18MexicoMexican pesoMXN$Centavo
19MontserratEastern Caribbean dollarXCD$Cent
20NicaraguaNicaraguan córdobaNIOC$Centavo
21aPanamaPanamanian balboaPABB/.Centésimo
21bPanamaUnited States dollarUSD$Cent
22Saint Kitts and NevisEastern Caribbean dollarXCD$Cent
23Saint LuciaEastern Caribbean dollarXCD$Cent
24Saint Vincent and the GrenadinesEastern Caribbean dollarXCD$Cent
25Sint MaartenNetherlands Antillean guilderANGƒCent
26Trinidad and TobagoTrinidad and Tobago dollarTTD$Cent
27Turks and Caicos IslandsUnited States dollarUSD$Cent
28United StatesUnited States dollarUSD$Cent

South America

NoCountryCurrencyISO codeSymbolFractional unit
1ArgentinaArgentine pesoARS$Centavo
2ArubaAruban florinAWGƒCent
3BoliviaBolivian bolivianoBOBBs.Centavo
4BonaireUnited States dollarUSD$Cent
5BrazilBrazilian realBRLR$Centavo
6ChileChilean pesoCLP$Centavo
7ColombiaColombian pesoCOP$Centavo
8CuraçaoNetherlands Antillean guilderANGƒCent
9EcuadorUnited States dollarUSD$Cent
10Falkland IslandsFalkland Islands poundFKP£Penny
11GuyanaGuyanese dollarGYD$Cent
12ParaguayParaguayan guaraníPYGCéntimo
13PeruPeruvian solPENS/.Céntimo
14SabaUnited States dollarUSD$Cent
15Sint EustatiusUnited States dollarUSD$Cent
16SurinameSurinamese dollarSRD$Cent
17UruguayUruguayan pesoUYU$Centésimo
18VenezuelaVenezuelan bolívar soberanoVESBs.S. or Bs.Céntimo

Australasia and Oceania

NoCountryCurrencyISO code SymbolFractional unit
1AustraliaAustralian dollarAUD$Cent
2Cook IslandsCook Islands dollarCKD$Cent
3MicronesiaUnited States dollarUSD$Cent
4FijiFijian dollarFJD$Cent
5French PolynesiaCFP francXPFCentime
6KiribatiKiribati dollarKID$Cent
7Marshall IslandsUnited States dollarUSD$Cent
8NauruAustralian dollarAUD$Cent
9New CaledoniaCFP francXPFCentime
10New ZealandNew Zealand dollarNZD$Cent
11aNiueNew Zealand dollarNZD$Cent
11bNiueNiue dollar$Cent
12PalauUnited States dollarUSD$Cent
13Papua New GuineaPapua New Guinean kinaPGKKToea
14aPitcairn IslandsNew Zealand dollarNZD$Cent
14bPitcairn IslandsPitcairn Islands dollarPND$Cent
15SamoaSamoan tālāWSTTSene
16Solomon IslandsSolomon Islands dollarSBD$Cent
17TongaTongan paʻangaTOPT$Seniti
18aTuvaluTuvaluan dollarTVD$Cent
18bTuvaluAustralian dollarAUD$Cent
19VanuatuVanuatu vatuVUVVt
20Wallis and FutunaCFP francXPFCentime

Paying Companies House in the UK

Companies House in the UK only accepts payments in pound sterling (GBP).

If you are based in the countries that use the euro, for example, in Austria, you can pay Companies House by bank transfer using a bank in your home country. Your remittance will be converted into Pound Sterling (GBP) when arriving the UK bank account. Companies House Bank account details are as follows:

Sort code: 52 21 07
Account number: 41005309
Swift Code: NW BK GB 2L
IBAN: GB34NWBK52210741005309

You must clearly state your company number on your bank transfer and use it as the reference. Thereafter, email your remittance advice to lfpfinance@companieshouse.gov.uk on the same day as your payment is sent – clearly stating the company name and number as the subject of your email. This will allow Companies House to process your payment quickly.

Paying Companies House by bank transfer may be more cost-effective with a larger sum like paying your late filing penalty for delivering your company accounts late.

For smaller filing fees, you can pay online using your debit or credit card. For example, you can pay your Confirmation statement filing fee at the same time filing your statement. If you are using debit or credit card issued by a bank outside the UK, you may be charged a foreign transaction fee.

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